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Cochrane responds to Sumner’s discussion on inflation stabilization regimes

Nothing would make us more proud than seeing intelligent and informed people discuss the ideas we have put forth in the interview series. So...

How to use Interest on Reserve for Inflation Targeting? | Q&A with Ricardo Reis...

This is the eighth installment of our interview series “Where is the General Theory of the 21st Century?”In this installment, we continue our talk...

Performance of Macroeconomics is not that bad! | Q&A with Ricardo Reis |

Welcome! This is the seventh installment of our interview series “Where is the General Theory of the 21st Century?”“Where is the General Theory of...

What is Payment on Reserves Process?

The payment on reserve process proposed by Robert Hall and Ricardo Reis is a way of remunerating reserves which would give the central bank...

What is the Saturated Level of Reserves?

The above figure portrays the market for Reserves. On the vertical axis is the real price of reserves, which is not the nominal interest...

Central Bank’s Balance Sheet and the Rise of Reserves

The above figure shows the balance sheet of four major central banks from 2005 to 2015. Above the horizontal axis is the asset side...